High Voltage M&A

Mar 5, 2009

Energy sector consolidation looks set to continue, fueled by incoming Europeans, growing large locals and cash-strapped exiting small caps.

by Taina Rosa LatAm energy assets are expected to change owners this year. On one hand, energy companies are seeking to buy units they could use to become more competitive. On the other, those that have run into trouble or need liquidity are expected to divest. Activity is seen taking place across a myriad of sectors, from oil and gas utilities to biofuels and renewables. “We are cautiously optimistic on M&A in LatAm’s energy sector,” says Greg Tan, partner at Shearman & Sterling. He explains that well established LatAm companies should acquire assets from international sponsors that do not consider LatAm to be core. He adds that locals will look overseas and at other countries in the region to grow. Tan does not see strategics buying other companies as a whole, but instead picking up valuable assets or company divisions. “They will cherry pick,” says the lawyer.  Javier Garrido, co-head...

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